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Your most important asset is not your home, car, or your 401 (k) or other investments. The single most important asset you have is your ability to earn a paycheck each month. All of your hopes and dreams depend on your ability to continually earn money. If this were to be interrupted by getting sick or hurt, what would you do?
Savings? This would likely last a short time for most people. A bank? No bank is going to loan you money if you cannot work. Family? Unless you are from a wealthy family, this is likely not an option.
Disability Insurance can help make sure that you continue to be paid if you are unable to perform the duties of your career.
So, what to do? You can explore what is offered by your employer as a first step. Only 36% of employers provide coverage to their employees. Even if you have coverage through work, It is prudent to take a look into purchasing individually owned coverage, that you own and have complete control over. Individually owned disability insurance policies are usually better quality, and are designed to be of more benefit to the owner of the policy and are typically easier to collect on.
Relying on government programs such as SSDI is not advisable; average benefits are roughly $1,100 per month; I don't know too many people who could get by on that amount of money.
May is Disability Insurance Awareness Month. If I can help you review the coverage that you have, contact me at Joseph@DeaconandDeacon.com to schedule a no-cost consultation. I am an expert in this field, and have access to the highest quality disability insurance companies in West Virginia.
Until next time,
Joseph H. Deacon III Deacon & Deacon Insurance Agency 100 Capitol St. - Suite 205 Charleston, WV 25301
Office (304) 720-5641
Posted On
4/23/2010 9:50:55 AM
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With the new health insurance reform legislation that passed in the House yesterday, many of my clients have been asking about how the reform will affect them. Here is some basic information about what will happen right away.
Things that happen first
The healthcare reform bill makes a point of putting first the things that are supposed to happen first. They’re in subtitle A, right up top: “Immediate Improvements in Health Care Coverage for All Americans.” Things in the bill that take effect right away include:
- Insurance companies will be prohibited from placing lifetime caps – limits on the amount of money that can eventually be paid out – on their policies. They’ll face new restrictions on setting annual caps, as well.
- Insurance companies also will be prohibited from pulling your coverage, except in case of fraud or intentional misrepresentation.
- Children won’t be excluded from coverage due to pre-existing health conditions. Plus, children will be able to stay on their parents’ policy until age 26.
- Small businesses that offer health coverage to employees will be eligible for tax credits of up to 50 percent of premium costs.
- Seniors who fall into the coverage gap, or “doughnut hole”, in the middle of the Medicare Part D prescription drug coverage plan will get $250 to help them pay their bills.
- People with pre-existing health conditions will be able to enroll in a new, but temporary, national high-risk insurance plan.
I will post more as it comes in. Contact me with any questions at Joseph@DeaconandDeacon.com or (304) 610-4515.
Posted On
3/22/2010 4:49:56 PM
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West Virginia Insurance
Welcome to Deacon & Deacon Insurance Agency's new website. Check back frequently for updates and blog entries about insurance, employee benefits, and risk management topics in West Virginia. Feel free to look around the site for information or request quotes from http://www.deaconanddeacon.com/category.aspx?id=QUOTE
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Posted On
2/16/2010 11:02:06 AM
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